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Alternative Market Briefing

Hedge fund Midway Market Neutral Fund beats June selloff with 0.35% gains

Monday, July 22, 2013

Precy Dumlao, Opalesque Asia:

The Midway Market Neutral Fund, managed by New York based fixed income hedge fund manager The Midway Group beat the market selloff in June and posted a minimal +0.35%, net of fees and expenses. However, the fund’s year-to-date performance was pegged at -3.32%, compared to -2.44% for the Barclays Aggregate, 13.82% for the S&P 500 (Total Return) and 3.55% for the HFR Hedge Fund Index.

John K. E. Morris, Midway Group Managing Director, commented, "Recent price volatility notwithstanding, we remain constructive on the opportunity looking forward.

The fund closed last year up 26.69% (est.). Launched in May 2001, it has annualized 21.5% since then. It can be found in Opalesque’s A Square database. The Midway Group, which manages $468m in AuM, gathers fixed income managers that provide investment strategies in hedged mortgage securities and focuses exclusively on the U.S. residential mortgage market.

He continued, "During the month we managed through a continued moonshot to higher rates. We saw an unprecedented 100bps move in rates over a 60 day period. Much of the backup, which started in early May (after a severe reversal) accelerated in response to Bernanke’s statements on the Fed’s plans to 'taper’ its extraordinary monetary stimulus. A lot has been written subsequently about the market’s p......................

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